FASB Proposes Improvements to the Leases Standard
The FASB proposes an Accounting Standards Update (ASU) intended to improve three areas of the leases standard. Stakeholders are encouraged to review and provide comments…
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FASB Issues Guidance for Nonrefundable Fees and Other Costs
The FASB issues Accounting Standard Updated (ASU) No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. This ASU clarifies that an entity…
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FASB Approves Updates to Presentation and Disclosures by Not-for-Profit Entities
The FASB approves updates to presentation and disclosures by Not-for-Profit entities by issuing Accounting Standards Update (ASU) No. 2020-07 Not-for-Profit Entities (Topic 958): Presentation and…
read moreFASB Improves Convertible Instruments and Contracts in an Entity’s Own Equity
The FASB improves convertible instruments and contracts in an entity’s own equity. The FASB improves convertible instruments and contract in an entity’s own equity by…
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IASB Defers the Effective Date of the Amendments to IAS 1
The IASB defers the effective date of Classification of Liabilities as Current or Non-current by one year, which amends IAS 1 Presentation of Financial Statements. Classification of…
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FASB Approves New Standards and Proposes Effective Date Delay
FASB approves new standards and a proposes effective date delay. The two upcoming Accounting Standards Updates (ASUs) are: one that improves financial reporting associated with…
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FASB Offers Limited Effective Date Delays on Revenue Recognition and Leases Standards
The FASB issues an Accounting Standards Update (ASU) that offers limited effective date delays on revenue recognition and leases standards. It grants a one-year effective…
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IASB Proposes Deferring IAS 1 Amendments
IASB Proposes Deferring IAS 1 Amendments’ Effective Date due to COVID-19. The IASB is proposing to defer by one year the effective date of Classification of…
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FASB Issues Staff Q&A on Hedge Accounting During COVID-19 Pandemic
The FASB has issued Staff Q&A (question-and-answer document) that responds to frequently asked questions about the disruptive effects of COVID-19 on cash flow hedge accounting.…
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FASB Proposes Delay for Leases and Revenue Recognition
The FASB issues a proposed Accounting Standards Update (ASU) that grants a one-year effective date delay for certain stakeholders applying the leases and revenue recognition…
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